A business is required to register for VAT where its taxable supplies in a calendar year:
AExceed ₦10,000,000
BExceed ₦25,000,000CORRECT
CExceed ₦50,000,000
DExceed ₦100,000,000
ICANTaxationValue Added Tax2021
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Why the answer is B, and why the others tempt you.
The Finance Act exempts businesses with taxable supplies of ₦25 million or less in a calendar year from charging and remitting VAT, though such businesses may still register voluntarily.
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